System and method for displaying trade information for electronic trading exchange

ABSTRACT

An application is disclosed that receives from a host exchange a plurality of trade notifications, each trade notification corresponding to an executed trade, and for each executed trade of interest, may determine whether the executed trade belongs in an aggregated set with one or more other executed trades. The application provides an indicator for indicating whether the corresponding executed trade or aggregated trade traded on the bid side or on the offer side of the market, and which indicates whether additional volume is available at the associated trade price.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.15/654,292, filed Jul. 19, 2017, now U.S. Pat. No. 11,068,981, which isa continuation of U.S. patent application Ser. No. 14/257,075, filedApr. 21, 2014, now U.S. Pat. No. 9,741,076, which is a continuation ofU.S. patent application Ser. No. 12/468,610, filed May 19, 2009, nowU.S. Pat. No. 8,744,945, the contents of each of which are fullyincorporated herein by reference for all purposes.

FIELD OF THE INVENTION

The present invention relates to electronic trading systems and moreparticularly, to a system and method for displaying executed tradeinformation including aggregated trade information and/or market sideinformation.

BACKGROUND

Trading exchanges have advanced from in-person floor trading operationsto technology-enabled electronic trading exchanges that allow remoteusers to participate in various markets. In general, sellers submit sellorders (offers or asks) with prices at which they will sell a specifiedquantity of tradable objects, and buyers submit buy orders (bids) withprices at which they will buy a specified quantity of tradable objects.A tradable object, as used herein, refers to any object which can betraded with a price and a quantity, and includes various items such asstocks, bonds, funds, futures, spreads, options, commodities, etc. In anelectronic trading exchange, a host exchange disseminates to allconnected participants market information relating to bids, offers, andtrades in order to provide the same transparency that floor traders areprovided. Sellers try to sell at the highest price and buyers try to buyat the lowest price, and an exchange matching system facilitates thematching of bids and offers in order to execute trades. In manyelectronic exchanges, disseminated trade notifications typically includethe tradable object for which the trade occurred, the price upon whichthe buyer and seller agreed, the number of shares or contracts thattraded, and the exchange-time of the trade.

Trade notifications rarely include any other descriptive information inaddition to what is specified above. In particular, the parties involvedin the trade typically are not revealed and most exchanges report everytrade individually, regardless of whether or not the trade resulted froma larger buy or sell order. For example, if there are 100 differentsellers each attempting to sell a single futures contract at the sameprice, and if a buyer submits a buy order at that price and with aquantity of 100, this will result in 100 separate trade notificationsbeing generated, even though just a single buy order is involved.Similarly, many trade notifications can be generated when there is asingle sell order of a larger quantity which is divided up betweenmultiple different buyers.

Trade notifications are received on the trader side by a trader systemwhich includes user devices and a trading application running forexample on a server. The trade notifications are processed in a desiredmanner, and the associated trade information is then displayed in whatis typically called a “trade ticker” on the display screens of the userdevices. Because new trade information is constantly being appended overthe course of a trading session, as new trades occur, the new trades aretypically added to the end of the list of trades on the ticker, and asthey accumulate, the oldest trades are removed to make room for the morerecent trades.

Because this raw trade information can be overwhelming and trades canoccur so rapidly that they are scrolled off the screen before a traderhas time to recognize and interpret them, typically trading applicationsinclude features which allow the trader to specify filters to eliminatesome of the so-called “noise”, which is information that is not relevantto that trader. For example, a trader may want to only be notified oftrades for a particular tradable object, or even a subset of a tradableobject. If a trader is trading IBM stock, he may not care about everyGoogle trade. Additionally, since certain stocks like IBM may tradehundreds of millions of times in a day, a trader may only want to benotified of trades with quantities larger than or equal to apredetermined amount, such as 1,000 shares. Traditional tradingapplications often have a filter by size feature to filter out thosetrades with quantities that are less than a predetermined amount anddisplay only those trades having quantities greater than or equal to thepredetermined amount.

Although such a filter feature can help to eliminate a lot of irrelevantinformation, it can also lead to the unintentional elimination ofimportant data. For example, if there are 35 different sellers eachattempting to sell less than 1000 contracts of a specified futurescontract at the same price and with a total quantity of 25,000contracts, and if a buyer submits a buy order at that price and with aquantity of 25,000, this will result in 35 separate trades and 35corresponding trade notifications being generated, each having anassociated trade quantity of less than 1000 contracts. In this case, ifa trader wants to have displayed only those trades with quantitiesgreater than 1000 contracts, the trader will not be aware that thesetrades occurred and will unfortunately miss the fact that 25,000contracts have traded.

Traders base their decisions to buy and sell on many factors, andknowing what objects are trading, at what price, and when they aretrading are all important factors. However, other factors can also behelpful and are not conveyed using traditional trading applications. Forexample, traditional tickers, while displaying the trade price, do notconvey whether the executed trade traded on the bid side or the offerside of the market. Further, traditional tickers displaying tradeinformation do not convey whether further volume is available at aspecific price.

SUMMARY

Therefore, it would be advantageous for a trading application and methodto group smaller trades into an aggregated trade for display when it islikely that a single larger buy or sell order is involved, whileretaining the ability to filter out and not display trades havingquantities or aggregated quantities less than a predetermined amount.Further, it would advantageous to provide market side information and/orremaining available volume at the trade price corresponding to eachdisplayed trade. A trading application which displays aggregated tradeinformation, market side information, and/or remaining volumeinformation helps the trader assimilate and process a large amount ofinformation such that informed and rapid trading decisions can be made.

In at least some embodiments, the present invention relates to a methodfor displaying trade information. The method includes receiving from ahost exchange a plurality of trade notifications, each tradenotification corresponding to an executed trade and including anassociated identification of the tradable object traded, an associatedtrade price, an associated trade quantity, and an associated tradeexecution time. For each executed trade of interest, a tradingapplication determines whether the executed trade belongs in anaggregated set with one or more other executed trades, wherein allexecuted trades in an aggregated set are for the same associatedtradable object, have traded at the same associated trade price, andhave been executed within a predetermined time period of each other. Foreach aggregated set, the trading application causes to be displayed on auser display the corresponding executed trades in the set as a singleaggregated trade with the associated identification of the tradableobject traded, the associated trade price, and an associated aggregatedquantity. For each executed trade of interest not in an aggregated set,the trading application causes to be displayed on the user display theassociated identification of the tradable object traded, the associatedtrade price, and the associated trade quantity.

In other embodiments, the invention relates to a method for displayingtrade information, the method including receiving from a host exchange aplurality of trade notifications, each trade notification correspondingto an executed trade and including an associated identification of thetradable object traded, an associated trade price, an associated tradequantity, and an associated trade execution time. The method alsoincludes receiving from a host exchange a plurality of bid and offernotifications, each bid or offer notification corresponding to arespective buy or sell order and including an associated identificationof the tradable object, an associated bid or offer price, and anassociated bid or offer quantity. For each executed trade of interest, atrading application compares the associated trade price to at least oneof a highest bid price and a lowest offer price corresponding to theassociated tradable object traded existing at the time of the executedtrade to determine whether the executed trade occurred on a bid side oron an offer side of the market. For each executed trade of interest, thetrading application causes the associated identification of the tradableobject traded, the associated trade price, and the associated tradequantity to be displayed on a user display, wherein each executed tradeis displayed using an associated visual or audio indicator forindicating whether it traded on the bid side or on the offer side of themarket. An associated visual indicator can be color, and each displayedtrade can further indicate by color whether additional volume exists atthe associated trade price.

BRIEF DESCRIPTION OF THE FIGURES

FIG. 1 is a block diagram of an exemplary electronic trading exchangesystem in accordance with at least one aspect of the invention;

FIG. 2 is an illustration of a display screen showing buy (bid) and sell(ask) orders and corresponding prices;

FIG. 3 is a flow chart of an exemplary method for displaying tradeinformation in accordance with at least one aspect of the invention; and

FIG. 4 is an illustration of side by side display screens showing tradeinformation including aggregated traded on the left side in accordancewith at least one aspect of the invention and original trade informationon the right side.

DETAILED DESCRIPTION

The present invention is described herein with reference to one or moreexemplary embodiments, however, it should be understood that the presentinvention is not limited to these embodiments. Those skilled in the artwill appreciate that other arrangements and other elements can be usedinstead, and some elements may be omitted altogether. Further, as inmost electronic systems, those skilled in the art will appreciate thatvarious components can be implemented as discrete or distributedcomponents, and various functions can be implemented by software,hardware, and/or firmware. For example, a processor executing a set ofmachine language instructions stored in memory (software) may performvarious functions. Provided with the present disclosure describingseveral functions, those skilled in the art can readily prepareappropriate computer instructions to enable such functions.

Referring to FIG. 1 , a block diagram of an exemplary electronic tradingexchange system 10 is illustrated which includes a host exchange 12 incommunication with one or more trader systems 14 via one or morenetworks 16. This system 10 allows traders to electronically participatein the market using user devices 18 to receive and evaluate marketinformation and submit buy and sell orders for any of a variety oftradable objects supported by that exchange system.

The host exchange 12 includes various computers, servers, andapplications, and is supported by any of a variety of exchangeorganizations, such as the Chicago Board of Trade, the New York StockExchange, the Chicago Mercantile Exchange, or the like. As is known, thehost exchange performs several functions including the receipt andreview of the submitted buy and sell orders, and the prioritization andmatching of these orders to generate executed trades. Further, the hostexchange continually provides market information to the trader systems,including bid and offer notifications and trade notifications. Each bidor offer notification corresponds to one of the submitted buy or sellorders and includes an identification of the associated tradable object,bid or offer price, and quantity desired. Each trade notificationcorresponds to one of the executed trades and includes an identificationof the associated tradable object traded, the trade price, the tradequantity, and the execution time. Different exchanges can provide thisinformation in various formats and ways, such as reporting every orderor trade as it occurs, or reporting at pre-specified time intervals.

The network 16 provides electronic communication between the hostexchange 12 and the trader system 14 and can take any of a variety offorms, including the Internet, wired or wireless connections, secured orunsecured communication, as is known.

Similarly, the trader system 14 can be implemented in a variety of ways,with the illustrated embodiment including a server 20 or processor forreceiving the market information from the host exchange and capable ofrunning a software trading application 22 which extracts relevant tradeinformation and causes it to be displayed in a trade ticker on thedisplay screen 24 of one or more of the user devices 18. The userdevices 18 can take various forms such as personal computers orhand-held devices and can be connected to the server via a network 26,such as a local or wide area network, in a wired or wireless manner.

In general, the trading application 22 facilitates the display of marketinformation such as executed trades and associated prices and quantitieson display screens 24 of respective user devices 18, wherein certainexecuted trades are aggregated when defined conditions are met, andwherein trades having quantities below a predetermined threshold can befiltered out and not displayed, as more fully described below. Further,the trading application 22 facilitates the display of other importanttrade information such as whether a trade has occurred on the bid sideor the offer side of the market, and whether additional trade volume isavailable. This new information is provided to the trader in anintuitive way, so that just by looking at the displayed trades in thetrade ticker, this additional trade information can be quicklyunderstood and acted upon by the trader.

Most exchanges such as host exchange 12 provide notificationscorresponding to all submitted buy and sell orders, includinginformation relating to modifications or cancellations, and executedtrades as they occur and so it is up to the trader system 14 to maintaina current state or “book” for each tradable object, which is aconsolidation of all the information related to prices and quantitiesfor that tradable object. For example, the trading application 22 keepstrack of this current state information and also facilitates the displayof this information by displaying existing buy and sell order prices andquantities in a manner such as shown in FIG. 2 . The first columndisplays buy order quantities, the second column displays prices, andthe third column displays sell order quantities. Each buy order quantityin the first column is aligned in the same row as an associated price inthe second column, and each sell order quantity in the third column isalso aligned in the same row as an associated price in the secondcolumn. For example, the current state information presented in FIG. 2has incorporated the following information for Google shares (GOOG):

a sell order of 117 shares at a price of $400.2

a sell order of 26 shares at a price of $400.1

a buy order of 100 shares at a price of $400.0

a buy order of 13 shares at a price of $399.9

a buy order of 27 shares at a price of $399.7

As described below, this consolidated buy and sell order information canbe used to provide meaningful information to supplement the tradeinformation, to determine whether an executed trade occurred on the bidside or offer side of the market and to determine whether remainingvolume is available at the associated trade price. For example, usingthe example shown in FIG. 2 , if a trade notification then comes alongfor GOOG at a price of $400.1 per share for 26 shares, at that moment,it can be determined that the entire offer at that price has traded andno additional volume is currently available at that trade price.

As for the determination of market side information, the current insidemarket (highest buy order price/lowest sell order price at a point intime) for a tradable object allows the determination of whether theobject traded by someone “lifting” the offer (buying at the resting sellorder price) or by someone “hitting” the bid (selling at the resting buyorder price). For example, if the trade price for a share of GOOG is$400.0 and the current market has a bid price of $400.0 and an offerprice of $400.1, then the trade occurred on the bid side of the market.

Knowing this additional information can be helpful to a trader to makeinformed decisions regarding buying and selling that tradable object,because it provides insight into movement and momentum of the market,and provides valuable insight to the trader regarding the currentability or inability to transact at that price.

Referring now to FIG. 3 , a method is illustrated showing the stepsperformed by the trading application 22 of the trader system to displaytrade information on a ticker on a user display. At a step 100, marketinformation is received from the host exchange. In particular, thetrading application receives from the host exchange a plurality of tradenotifications. Each trade notification corresponds to one of theexecuted trades, and includes an associated identification of thetradable object traded, an associated trade price, an associated tradequantity, and an associated trade execution time. The tradingapplication also receives from the host exchange a plurality of bid andoffer notifications, each bid or offer notification corresponding to arespective buy order or sell order of a tradable object, and includingan associated identification of the tradable object involved, anassociated bid or offer price, and an associated bid or offer quantity.

At a step 110, the trading application receives any user preferencesregarding which executed trades are of interest, such as which tradableobjects are of interest, and whether any filters should be applied inorder to prevent the display of trades having quantities less than (orless than or equal to) a predetermined threshold quantity. For example,a trader can specify via the user device that only GOOG trades are ofinterest and should be displayed, and only those GOOG trades withquantities greater than or equal to (or greater than) 1000 shares shouldbe displayed. In the absence of a user selection, a default thresholdquantity can be used to prevent the display of trades having associatedquantities below that default amount. For example, a default thresholdcan be a set value such as 100 shares or contracts or a value selectedin a previous session.

At a step 120, for each executed trade of interest, the associated tradeprice is compared to at least one of a current highest bid price and alowest offer price corresponding to the associated tradable object andexisting at the associated trade execution time to determine whether theexecuted trade occurred on a bid side or on an offer side of the market.

At a step 130, for each executed trade of interest, it is determinedwhether that trade and any other executed trades belong in an aggregatedset. Certain conditions can be defined such that when met, executedtrades in the aggregated set are assumed to correspond to a larger buyor sell order. In one embodiment, if there are two or more executedtrades for the same tradable object at the same price and within apredetermined time period, such as three seconds, the executed tradesare deemed to be part of the same aggregated set. The tradingapplication can utilize a default predetermined time period or a tradercan specify a desired predetermined time period. The determination of alikely aggregated trade composed of smaller trades can be furtherrefined with other conditions such as requiring that no interveningtrades occur involving different tradable objects. This is because if abuy or sell order is matched with multiple sell or buy orders andmultiple trades are executed, it can be safely assumed that the hostexchange will disseminate all trade notifications that correspond tothose multiple trades before disseminating any other trade information.

Another consideration to determine whether or not reported trades shouldbe aggregated is by evaluating the state of the market when the tradesoccurred, and only aggregating those trades which occurred on the samebid or offer side of the market. Thus in a preferred embodiment,executed trades are aggregated when they are for the same tradableobject at the same trade price, are executed within a predetermined timeperiod of each other without an intervening trade of a differenttradable object, and all occur on the same bid or offer side of themarket.

Consider the following examples showing trade times, an identificationof the tradable object, prices, and associated quantities. If thefollowing three trades occur in rapid succession, then the two GOOGtrades are not aggregated because of the intervening IBM trade:

09:02:19 GOOG 402.22 16 09:02:19 IBM 106.32 105 09:02:19 GOOG 402.22 4

If the following trades occur, these trades are not aggregated becausedifferent trade prices are involved:

09:02:19 GOOG 402.2 16 09:02:19 GOOG 402.1 92 09:02:19 GOOG 402.2 102

In this case, because the trade with a different price is in between twoother trades at the same price, the trades could not have resulted froma single buy or sell order. Aggregation is not appropriate because thenrelevant information would not be conveyed to the trader—namely thatGOOG was trading on both sides of the market. In this example, each GOOGtrade would be separately displayed on the user display.

Consider the following trades:

1. 09:02:19 GOOG 402.21 16 determined to have traded on offer side 2.09:02:20 GOOG 402.21 92 determined to have traded on bid side 3.09:02:20 GOOG 402.21 102 determined to have traded on bid side 4.09:02:20 GOOG 402.22 44 determined to have traded on bid side 5.09:02:21 GOOG 402.21 22 determined to have traded on offer side 6.09:02:21 GOOG 402.21 2 determined to have traded on offer side

The trading application would form a first aggregated set for trades 2and 3 and a second aggregated set for trades 5 and 6. Trades 1 and 4 arenot part of aggregated sets. In other words, if two or more executedtrades occur for the same tradable object and at the same price, withoutany intervening trades, and within a predetermined time period specifiedby the trader (for example, three seconds), but these executed tradesoccurred on both sides of the market, the trades are not aggregated.

At a step 140, the executed trades of interest are displayed in a tickeron a user display. In particular, for each aggregated set, an aggregatedtrade is displayed with the associated identification of the tradableobject that was traded, the associated aggregated quantity, theassociated trade price, and optionally an execution time. Similarly, foreach executed trade of interest which is not in an aggregated set, theassociated identification of the tradable object is displayed, alongwith the associated trade quantity and the associated trade price, andoptionally the execution time.

In a preferred embodiment, each displayed trade is displayed using anassociated visual or audio indicator, such as color, for indicatingwhether it traded on the bid side or on the offer side of the market.For example, the color can be blue if the trade traded on the bid sideand red if the trade traded on the offer side of the market. Color isuseful because it is a visual indicator which is quickly perceived andinterpreted. Other indicators such as fonts or icons for conveying thisinformation can also be used.

Thus in the previous example, the following will be displayed (assumingno filtering by size) with one or more items associated with eachdisplayed trade, and preferably the entire trade information, in anassociated color as indicated below:

09:02:19 GOOG 402.21 16 [in red] 09:02:20 GOOG 402.21 194 [in blue]09:02:20 GOOG 402.22 44 [in blue] 09:02:21 GOOG 402.21 24 [in red]

The associated color for each displayed trade can further indicatewhether additional volume exists at the trade price. How much additionalvolume is available is determined by referencing the current state ofthe tradable object then existing. Specifically, if no additional volumeexists at the trade price, the associated color is lighter compared towhen additional volume is available. For example, if no additionalvolume is available, then the displayed trade will be shaded light blueto indicate the last price traded in its entirety on the bid side, orlight red (pink) to indicate it traded in its entirety on the offerside.

As a final example, consider the case wherein several tradable objectsare being monitored, with the occurrence of the following trades:

1. 09:02:02 GE:BF H1-M1-U1 1.0 106 [on bid side] 2. 09:02:02 GE:BFH1-M1-U1 1.0 6 [on bid side, no add'l volume] 3. 09:02:19 GEM9-GEM0 46.515 [on offer side] 4. 09:02:19 GEU9-GEH0 22.5 30 [on offer side] 5.09:02:22 GEU9-GEH0 22.5 3 [on offer side] 6. 09:02:22 GEM9-GEM0 46.5 5[on offer side] 7. 09:02:23 GEU9-GEH0 22.5 10 [on offer side] 8.09:02:24 GEU9-GEH0 22.5 10 [on offer side] 9. 09:02:24 GEU9-GEH0 22.5 70[on offer side] 10. 09:02:24 GEU9-GEH0 22.5 35 [on offer side] 11.09:02:24 GEU9-GEH0 22.5 16 [on offer side] 12. 09:02:24 GEU9-GEH0 22.510 [on offer side] 13. 09:02:25 GEU9-GEH0 22.5 47 [on offer side] 14.09:02:25 GEU9-GEH0 22.5 1 [on offer side] 15. 09:02:25 GEU9-GEH0 22.5 2[on offer side] 16. 09:02:25 GEU9-GEH0 22.5 5 [on offer side] 17.09:02:25 GEU9-GEH0 22.5 10 [on offer side] 18. 09:02:26 GEU9-GEH0 22.530 [on offer side] 19. 09:02:26 GEU9-GEH0 22.5 20 [on offer side, noadd'l volume] 20. 09:02:26 GEU1-GEZ1 23.0 5 [on bid side] 21. 09:02:26GEU1-GEZ1 23.0 14 [on bid side, no add'l volume] 22. 09:02:27 GEU9-GEM046.5 5 [on offer side] 23. 09:02:27 GEU9-GEH0 22.5 3 [on offer side] 24.09:02:27 GEU9-GEH0 22.5 5 [on offer side, no add'l volume] 25. 09:02:27GEU9-GEH0 22.5 2 [on offer side]

In this example, the trading application 22 will operate in a mannersuch that trades 1 and 2 will be aggregated, trade 3 will not beaggregated, trade nos. 4 and 5 will be aggregated, trade no. 6 will notbe aggregated, trade nos. 7-19 will be aggregated, trade nos. 20 and 21will be aggregated, trade no. 22 will not be aggregated, and trades nos.23-25 will be aggregated. Therefore, the following trade informationwill be displayed:

09:02:02 GE:BF H1-M1-U1 1.0 112 [in light blue] 09:02:19 GEM9-GEM0 46.515 [in red] 09:02:22 GEU9-GEH0 22.5 33 [in red] 09:02:22 GEM9-GEM0 46.55 [in red] 09:02:26 GEU9-GEH0 22.5 266 [in pink] 09:02:26 GEU1-GEZ1 23.019 [in light blue] 09:02:27 GEU9-GEM0 46.5 5 [in red] 09:02:27 GEU9-GEH022.5 10 [in red]

FIG. 4 is an illustration of side by side display screens of the aboveexample, showing on the left side a display of the trade informationusing the aggregation of trading application 22, and showing on theright side the original trade information. Because FIG. 4 is in blackand white, it is unable to specifically show the visual indicatorsdescribed above. Of note is that trade nos. 7-19 in the trade ticker onthe right side, corresponding to executed trades of 266 contracts ofGEU9-GEH0 which are the result of a single buy order, take up 13 lines,and these can be replaced by a single line in the trade ticker on theleft using the trading application 22 of the present application. Thisprovides a significant advantage to the trader, in that small quantitiesdo not need to be added or estimated to understand the scope of thesetrades. Additionally, if a trader had chosen to show only trades withquantities of 100 or more, none of the trades on the right side wouldhave been displayed because each associated quantity is less than 100.In contrast, this trade information would still be displayed in theticker on the left side.

In summary, the trading application 22 provides a trade ticker thatsmartly consolidates executed trades that belong to each other andtherefore makes the trade ticker easier to follow. Especially duringfast market times, each displayed trade likely remains on the tradeticker for a longer period of time before being displaced by newertrades, in contrast to prior art trading applications which don'taggregate trades and where many smaller trades can easily quickly covermultiple screens and result in the quicker disappearance of priortrades. Additionally, providing aggregated quantities to the trader is amajor benefit because it eliminates having to add or approximate thetotal number of shares or contracts traded in many smaller trades.Further, aggregation allows a filter by size feature to be implementedwithout the risk of losing key information.

By evaluating a current state of the market when trade notifications aredisseminated, certain information can be determined that is not providedin the disseminated market information, namely, whether executed tradesoccurred on the bid side or the offer side of the market, and whetheradditional volume remains at the trade price. This information enables atrader to make decisions by describing with more certainty the momentumor state of a market and whether further trading volume at that price ispossible. This is in contrast to prior art trading applications whichdisplay trade information and merely indicate “upticks” and “downticks”in a market such as by way of an up arrow or a down arrow associatedwith a displayed trade to indicate price movement of the most recentprice to the previous price.

For example, an active trader is often concerned with what direction themarket is currently moving and whether specific prices are available totrade something, especially if the trader is concurrently engaging inanother trade, in order to set up a spread position for example. Thetrading application 22 and resulting display described above providesmore complete information to the trader if a market is already in theprocess of moving, saving time and effort. For example, assume theinside market prices corresponding to a particular tradable object are$14/$15. Assume that the trader system determines that the last tradeprice of $14.5 occurred on the offer side, and no volume remains on theoffer side. As described above, this trade information would then bedisplayed in pink, informing the trader that no additional volume existsat that offer price to be bought. If instead a spread trader knows hecan buy at that price, he may offer to sell something else at a level heconsiders a better sale. The $14.5 offer for that trade is his ‘lean’.He was doing another trade ‘leaning’ on the info that he could buy thatmarket at $14.5.

With prior art tickers, an up arrow only indicates that $14.5 was ahigher trade price than the previous trade. A trader can assume with acertain probability that the latest trade traded on the offer side ofthe market at the time of the trade notification (since $14 was previousand lower), but he cannot safely assume that the $14.5 offer is stillthere to buy. So the prior art ticker has left an information gap, andthe trader would have to go check another display screen showing bids,offers and prices for that tradable object to see whether the insidemarket is now 13.5/14.5, 14/14.5, 14/15, or 14.5/15. It could be any ofthose, and important seconds can elapse in the process of checking.

However, the pink indication on the ticker of the present inventiontells a trader that at that moment, there is definitely not a 14.5offer, so caution should be employed. A new 14.5 offer may come in tothe market, but the trader at least knows the important information thathe lost his lean so he needs to re-access the other actions he iscontemplating. The only informational gap that the ticker of the presentinvention has left is whether the market is now 14/15 or 14.5/15, butthe fact that the offer $14.5 price has traded out and no volume isavailable is very useful and doesn't leave the information gap that anarrow would.

Assume now instead that the last trade price of $14.5 occurred on thebid side, and additional volume is available. This would be indicated bya blue $14.50 price on the ticker. This lets the trader know that thereis still at least some quantity bid at the price at least at thatmoment. It is possible that the $14.5 bid may disappear and the traderis left momentarily unaware, but trading decisions are determined moreby what is the state at an exact moment, with the understanding thatwhat may happen next cannot be predicted with certainty.

Thus, this trading application 22 and resultant user display enables atrader to operate in a more efficient, accurate, and convenient manner.For a market-maker, this increased efficiency translates into moreliquid and deeper markets, one of the great and envied attributes ofthis country's capital markets.

It is specifically intended that the present invention not be limited tothe embodiments and illustrations contained herein, but include modifiedforms of those embodiments including portions of the embodiments andcombinations of elements of different embodiments as come within thescope of the following claims.

The invention claimed is:
 1. A system including: a computing device,wherein the computing device is configured to: receive a plurality oftrade notifications, wherein each of the plurality of tradenotifications corresponds to a matched trade for a tradable object,wherein each of the plurality of trade notifications is for the sametradeable object, wherein each of the plurality of trade notificationsincludes a trade quantity and a trade price, wherein the trade price isthe same for each of the plurality of trade notifications, wherein eachof the plurality of trade notifications corresponds to a matched tradeon a side for the tradable object, wherein the side is the same for eachof the plurality of trade notifications, wherein the side is one of abuy side and a sell side, wherein the plurality of trade notificationsincludes a last notification; aggregate the plurality of tradenotifications in an aggregated set based on the trade price included ineach trade notification; provide an aggregated trade indicatorrepresenting the aggregated set, wherein the aggregated trade indicatorrepresents the sum of the trade quantities of the plurality of tradenotifications at the trade price of the plurality of tradenotifications; determine, in response to receipt of the lastnotification, whether no quantity remains available on the side for thetradable object at the trade price of the last notification by comparingthe trade quantity of the last notification and a total quantityavailable on the side for the tradable object at the trade price of thelast notification before receipt of the last notification; and provide ano quantity remains indicator representing that no quantity remainsavailable on the side for the tradable object at the trade price of thelast notification in response to determining that no quantity remains,wherein the no quantity remains indicator is provided by one of: (i) aspart of the aggregated trade indicator and (ii) in relation to theaggregated trade indicator.
 2. The system of claim 1, wherein thecomputing device includes a server.
 3. The system of claim 1, whereinthe computing device includes a hand-held device.
 4. The system of claim1, wherein the computing device includes a display.
 5. The system ofclaim 1, wherein providing the no quantity remains indicator includesdisplaying a visual indicator.
 6. The system of claim 5, wherein thevisual indicator includes a color.
 7. The system of claim 1, wherein thecomputing device is further configured to: generate an audio indicatorwhen the no quantity remains indicator is provided.